08 - Laserfiche WebLink

Table 3 Number of Homes Sold Sales Price Single- Townhomes SqFt Range 1 Bed 2 Bed 3 Bed 4 Bed Family &Condos $350-399k 0 3 600-622 3 0 0 0 $400-449K 0 4 648-790 4 0 0 0 $450-$499k 0 12 702-938 3 9 0 0 $500-$549k 0 1 790 1 0 0 0 $550-$599k 0 0 n/a 0 0 0 0 $600-$649k 0 0 n/a 0 0 0 0 $650-$699k 0 0 n/a 0 0 0 0 $700-$749K 3 0 874-1,372 0 2 1 0 $750-$799k 4 0 923-1,355 0 3 1 0 $800-$849k 15 0 1,003-1,755 0 6 7 2 $850-$900k 1 0 1,454 0 1 0 0 Total 23 20 11 21 9 2 Source:bridgeMLS. (September 1, 2019-August 31, 2020) Leverage the AC Boost financial assistance As previously discussed, the high price points in Pleasanton will most likely require hopeful borrowers to utilize both the AC Boost and the DPA Program just to have the required down payment to enter, and more importantly, be competitive in today's Pleasanton housing market. City staff has the confidence that Hello Housing staff is capable of assessing how to most effectively and efficiently leverage the AC Boost financial assistance and supplement it with the DPA loan to fully assist hopeful homebuyers to purchase their first homes in Pleasanton. Other Down Payment Assistance Programs There are other down payment assistance programs that may be available to potential Pleasanton first homebuyers. The State of California has a CalHome Program that may be used for down payment assistance. The typical CalHome-funded DPA programs provide a deferred maximum loan of up to 17% of the purchase price with a 3% interest rate and a 30-year term for eligible households .at or below 80% of Area Median Income (AMI). However, this program requires submitting a competitive application in order to secure the funds. The California State Housing & Community Development Department (HCD), furthermore, only issues a Notice of Funding Availability (NOFA) when funds are available so it is not a consistent stream of funding. The Federal Home Loan Bank (FHLBank) Workforce Initiative Subsidy for Homeownership (WISH) Program provides up to $15,000 per qualified household.at 80% AMI. However, this program is possible only through certain private lenders who Page 7 of 9